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Friday, July 9, 2010

Marketing In Reality

Marketing is about the market. That should reduce any confusion.
The market-place holds two main players: people, that is consumers, and businesses, that is businesses that sell to other businesses (or B2B). First the Consumers! When you are doing your project you are either looking for articles dealing with "consumer behavior" which is supported by two major types of research.
(1) Demographic Research: that is, counting people in different ways (according to sex, education, age, income, race, etc.). The basic questions being: what? who? how? where? when? For example: What product was purchased? Who purchased it? How was it purchased (e.g. credit, catalog, e-commerce), etc.
And (2), the missing question is WHY did they buy it? Which brings up the concept of Psychographic Research...we are still muddling around in why people buy things.
All of this research establishes a pattern for SEGMENTING the market. The segmenting is done simultaneously with another analysis. A strategy which combines target market opportunities is created for selling the product or service, by integrating the product or service in terms of the 4 P's or: Product, Price, Place and Promotion. When the Segmentation and 4 P's have been integrated, a final perspective must be include which integrates the strategic environment (the economy, culture, competitors, government, etc.). A major transition is occuring in the market place by virtue of the growth of the Internet.

:(1) Survey of Buying Power, and (2) Survey of Media Markets. These sources are also easy to read, but you have to take some time to study what they have to offer: e.g. EBI (Effective Buying Income) doesn't mean anything unless you read the definition in the forward of the reports. The site provides over 2000 marketing articles with specific industry information. Two articles are offered for free every week...not long, but contemporary issues. The site also has HotLinks and Book Reviews for free. The rate for US subscribers is $48 / year, and foreign subscribers $105 / year. Almost every library worthy of the name will carry this subscription. However, if you wish to get your own material, you can buy back issues for $5 each or get a one month subscription to the articles archive for $9.95.

Be advised that the articles in this journal are for upper-level marketing majors and faculty members. Membership cost is $50 per year, and provides among other useful services a job-bank and article archives. Most university library databases will have this journal on hand.
There is little that goes on in marketing that is not somehow associated with advertising.

Therefore, two sites of interes t are: (1) The Journal of Advertising Research published by the Advertising Research Foundation. Memberships are available which includes archives and featured articles individually costing (usually) from $50 to $75;

and (2) Advertising Age The cost of this publication, which comes out weekly is out of the reach of most people and certainly students ($178.50 / year). For these services you most likely will have to use your library resources. If your library does not have these resources, simply go to your Dean or Librarian and ask. The universities have budgets for these resources and appreciate it when students and faculty make their needs known.

This site does not qualify as an academic journal, it is not "refereed" nor is there any guarantee that the articles you find there today will be there tomorrow. Nevertheless, the information is sound and practical and could be very useful for your research report.
The articles and tips are free and the consulting group which sponsors the site is probably open to questions.

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